Having been a Safari fan for years, then recently switching to Firefox, I decided to give the Safari 4 Public Beta a try.
The first thing I noticed was the placement of the tabs. Instead of being within the browser frame below the bookmark bar, the common trend for all browsers, Safari places the tabs at the top of the browser. It is now integrated into the title frame of the window, which does open up a lot more room for browser content. It will take some time to get used to the new location of the tabs, but I'm definitely happy with more vertical browser space.
The next thing I noticed was the lack of an option to reopen the last closed tab. I was really hoping this feature would make it into the next version of Safari, and it's one of the main reasons why I switched to Firefox. I still don't see why they skipped out on that when there has always been an option to reopen the last closed window.
Overall performance seems pretty snappy compared to the previous version of Safari, can't complain there. Although I'm not quite sure if it's noticeably faster than Firefox, that will require more testing later on.
Last on my list, which isn't specifically a Safari 4 feature but would keep me from switching back to Firefox, is the native support of finger gestures. However, the next Firefox version does have finger gesture support so this wont be an issue in the future.
Download Link for Safari 4 Public Beta
http://www.apple.com/safari